My understanding is that the directors must believe that they...

My understanding is that the directors must believe that they would be able to pay all their debts in full even it they cant refinance otherwise they would have to put the company into administration. A director cannot allow a company debt to be incurred unless they are reasonably sure it will be paid. The fact they continue to trade while suspended means they are incurring new debts all the time and the directors carry a degree of personal liability for those debts. I have experienced the opposite when a company has been put into administration by its independent directors at the first sign of trouble.